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Orthofix reported 4Q21 orthopedic sales of $125.1 million, +6.3% vs. 4Q20. For the full year, the company generated $464.5 million in orthopedic sales, +14.2 vs. 2020, and +1% compared to 2019.
The M6 artificial disc drove spine sales in the quarter and helped offset the impact from the decline in complex surgeries due to the omicron surge. In trauma, Orthofix saw its international markets recover as well as share capture via its FITBONE intramedullary limb-lengthening system.
Orthofix cited hospital staffing shortages as headwinds for its biologics and bone growth therapies businesses.
The company provided orthopedic sales guidance for 2022 in the range of $475 million to $490 million, representing +5.5% growth at the top end of the range.
The guidance assumes no new disruptions for COVID, but does contemplate the impact of hospital staffing shortages. The company said those shortages could last 18 months or longer, based on conversations at three of its largest healthcare centers.
Orthofix CEO Jon Serbousek said, “Looking ahead, we view 2022 as an inflection point for our business. In recent years, we have been a low single-digit top-line growth company. Our guidance for this year represents mid-single-digit growth, which is largely a result of the investments we’ve made over the last two years across the organization. As we move into the future, we expect to further accelerate our trajectory to become a mid to high single-digit growth company.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $31.2 | $27.8 | $3.3 | 11.9% |
| Trauma | $29.2 | $24.1 | $5.1 | 21.1% |
| Orthobiologics | $15.1 | $15.2 | ($0.1) | (0.6%) |
| Other (Bone Growth Therapies) | $49.6 | $50.5 | ($0.9) | (1.7%) |
| Total | $125.1 | $117.6 | $7.4 | 6.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $115.1 | $94.9 | $20.2 | 21.3% |
| Trauma | $105.5 | $84.8 | $20.7 | 24.4% |
| Orthobiologics | $56.4 | $55.5 | $0.9 | 1.7% |
| Other (Bone Growth Therapies) | $187.4 | $171.4 | $16.1 | 9.4% |
| Total | $464.5 | $406.6 | $57.9 | 14.2% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $97.4 | $95.0 | $2.4 | 2.5% |
| OUS | $27.7 | $22.6 | $5.1 | 22.5% |
| EMEA | $14.8 | $10.8 | $4.1 | 37.6% |
| APAC | $10.2 | $8.9 | $1.3 | 14.9% |
| ROW | $2.6 | $2.9 | ($0.3) | (9.9%) |
| Total | $125.1 | $117.6 | $7.4 | 6.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $361.9 | $327.3 | $34.7 | 10.6% |
| OUS | $102.5 | $79.3 | $23.3 | 29.3% |
| EMEA | $50.9 | $37.8 | $13.1 | 34.6% |
| APAC | $40.2 | $31.3 | $8.9 | 28.5% |
| ROW | $11.4 | $10.2 | $1.2 | 12.3% |
| Total | $464.5 | $406.6 | $57.9 | 14.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $464.5 | |
| Cost of Sales | $114.9 | 24.7% |
| General and Admin | $221.3 | 47.6% |
| Selling and Marketing | $69.4 | 14.9% |
| R & D | $49.6 | 10.7% |
| Other | $47.7 | 10.3% |
| Net Earnings | ($38.4) | (8.3%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
Orthofix reported 4Q21 orthopedic sales of $125.1 million, +6.3% vs. 4Q20. For the full year, the company generated $464.5 million in orthopedic sales, +14.2 vs. 2020, and +1% compared to 2019.
The M6 artificial disc drove spine sales in the quarter and helped offset the impact from the decline in complex surgeries due to the omicron surge....
Orthofix reported 4Q21 orthopedic sales of $125.1 million, +6.3% vs. 4Q20. For the full year, the company generated $464.5 million in orthopedic sales, +14.2 vs. 2020, and +1% compared to 2019.
The M6 artificial disc drove spine sales in the quarter and helped offset the impact from the decline in complex surgeries due to the omicron surge. In trauma, Orthofix saw its international markets recover as well as share capture via its FITBONE intramedullary limb-lengthening system.
Orthofix cited hospital staffing shortages as headwinds for its biologics and bone growth therapies businesses.
The company provided orthopedic sales guidance for 2022 in the range of $475 million to $490 million, representing +5.5% growth at the top end of the range.
The guidance assumes no new disruptions for COVID, but does contemplate the impact of hospital staffing shortages. The company said those shortages could last 18 months or longer, based on conversations at three of its largest healthcare centers.
Orthofix CEO Jon Serbousek said, “Looking ahead, we view 2022 as an inflection point for our business. In recent years, we have been a low single-digit top-line growth company. Our guidance for this year represents mid-single-digit growth, which is largely a result of the investments we’ve made over the last two years across the organization. As we move into the future, we expect to further accelerate our trajectory to become a mid to high single-digit growth company.”
Orthopedic Sales Data
All orthopedic sales data is provided in USD millions unless otherwise noted. Orthopedic sales and growth rates are estimated on an as-reported basis.
Orthopedic Sales by Segment
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $31.2 | $27.8 | $3.3 | 11.9% |
| Trauma | $29.2 | $24.1 | $5.1 | 21.1% |
| Orthobiologics | $15.1 | $15.2 | ($0.1) | (0.6%) |
| Other (Bone Growth Therapies) | $49.6 | $50.5 | ($0.9) | (1.7%) |
| Total | $125.1 | $117.6 | $7.4 | 6.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $115.1 | $94.9 | $20.2 | 21.3% |
| Trauma | $105.5 | $84.8 | $20.7 | 24.4% |
| Orthobiologics | $56.4 | $55.5 | $0.9 | 1.7% |
| Other (Bone Growth Therapies) | $187.4 | $171.4 | $16.1 | 9.4% |
| Total | $464.5 | $406.6 | $57.9 | 14.2% |
Orthopedic Sales by Geography
| 4Q21 | 4Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $97.4 | $95.0 | $2.4 | 2.5% |
| OUS | $27.7 | $22.6 | $5.1 | 22.5% |
| EMEA | $14.8 | $10.8 | $4.1 | 37.6% |
| APAC | $10.2 | $8.9 | $1.3 | 14.9% |
| ROW | $2.6 | $2.9 | ($0.3) | (9.9%) |
| Total | $125.1 | $117.6 | $7.4 | 6.3% |
| FY21 | FY20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $361.9 | $327.3 | $34.7 | 10.6% |
| OUS | $102.5 | $79.3 | $23.3 | 29.3% |
| EMEA | $50.9 | $37.8 | $13.1 | 34.6% |
| APAC | $40.2 | $31.3 | $8.9 | 28.5% |
| ROW | $11.4 | $10.2 | $1.2 | 12.3% |
| Total | $464.5 | $406.6 | $57.9 | 14.2% |
Company Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $464.5 | |
| Cost of Sales | $114.9 | 24.7% |
| General and Admin | $221.3 | 47.6% |
| Selling and Marketing | $69.4 | 14.9% |
| R & D | $49.6 | 10.7% |
| Other | $47.7 | 10.3% |
| Net Earnings | ($38.4) | (8.3%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
